Fidelity Advisor Strategic Income Fund - Class Z FIWDX

Fidelity announced that longtime portfolio manager Ford O’Neil will shed his day-to-day portfolio management duties effective Sept. 30, 2026, at which point he will transition into a senior advisor role that he will hold into 2027. O’Neil’s departure is undoubtedly a loss for Fidelity’s fixed-income business, including Fidelity Total Bond and Fidelity Strategic Income, both under Morningstar analyst coverage. Yet, the combination of the time-tested, team-based approach that O’Neil helped cultivate during his three-plus decades at Fidelity and the firm’s well-organized succession planning positions this group exceptionally well for what’s ahead. That’s due in no small part to the efforts of generalist portfolio manager Celso Munoz, the co-lead on Fidelity Total Bond alongside O’Neil since October 2022, who will assume sole lead manager responsibilities upon O’Neil’s transition in September 2026. Meanwhile, on Jan. 1, 2026, Munoz will join co-lead manager Adam Kramer and a deep cast of sector-specialist managers on Fidelity Strategic Income, ensuring a seamless transition of asset-allocation responsibilities to him from O’Neil on the multisector strategy. The firm also has plans to retool its standout group of generalist managers around Munoz. Since 2024, with the addition of newly minted manager Stacie Ware, the team has comprised five managers (up from four) with complementary backgrounds and diverse industry experience. Effective April 1, 2026, Julian Potenza will join the team to work alongside Munoz, Ware, Michael Plage, and Brian Day. A two-decade industry veteran, Potenza has spent his 18 years at the firm in credit research, asset allocation, and, since 2017, limited-duration portfolio management. Given this thoughtful transition and our continued conviction in the key decision-makers that remain at the firm, we are reaffirming the High People ratings for both strategies.